Permian Resources Corporation $PR Holdings Decreased by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its position in shares of Permian Resources Corporation (NYSE:PR) by 1.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,251,098 shares of the company’s stock after selling 68,861 shares during the period. King Luther Capital Management Corp owned 0.63% of Permian Resources worth $110,903,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Mexico Educational Retirement Board boosted its position in Permian Resources by 14.9% during the third quarter. New Mexico Educational Retirement Board now owns 176,268 shares of the company’s stock valued at $3,723,000 after acquiring an additional 22,800 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in Permian Resources by 12.9% during the 3rd quarter. Maryland State Retirement & Pension System now owns 47,446 shares of the company’s stock worth $1,002,000 after acquiring an additional 5,429 shares during the period. Ritholtz Wealth Management grew its holdings in Permian Resources by 8.8% during the 3rd quarter. Ritholtz Wealth Management now owns 29,508 shares of the company’s stock worth $623,000 after acquiring an additional 2,395 shares during the period. Keybank National Association OH grew its holdings in Permian Resources by 6.3% during the 3rd quarter. Keybank National Association OH now owns 1,825,438 shares of the company’s stock worth $38,553,000 after acquiring an additional 107,920 shares during the period. Finally, Retirement Systems of Alabama raised its position in shares of Permian Resources by 6.1% in the 3rd quarter. Retirement Systems of Alabama now owns 863,894 shares of the company’s stock worth $18,245,000 after acquiring an additional 49,860 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Seaport Research Partners began coverage on Permian Resources in a research note on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price target on the stock. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Morgan Stanley upped their target price on shares of Permian Resources from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Susquehanna upped their price objective on shares of Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a research report on Tuesday, October 20th. Finally, Weiss Ratings raised Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Five analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus target price of $26.61.

Permian Resources Trading Up 2.7%

NYSE PR opened at $22.32 on Thursday. The stock’s 50-day simple moving average is $23.28 and its two-hundred day simple moving average is $20.64. The company has a market capitalization of $18.69 billion, a price-to-earnings ratio of 11.62 and a beta of 0.62. Permian Resources Corporation has a twelve month low of $13.18 and a twelve month high of $26.07. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.22.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The company’s revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period last year, the firm earned $0.08 earnings per share. Research analysts forecast that Permian Resources Corporation will post 2.62 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a $0.16 dividend. The ex-dividend date is Thursday, December 17th. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

Insider Buying and Selling

In related news, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at $37,089,900. The trade was a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock valued at $372,851 over the last three months. 5.00% of the stock is owned by company insiders.

About Permian Resources

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.